HomeMy WebLinkAboutContract 36723 iTY
CON RACSECRETARY
NO Jk11
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER ELEVEN,
CITY OF FORT WORTH, TEXAS
(SOUTHWEST PARKWAY TIF)
This AGREEMENT TO PARTICIPATE IN TAX INCREMENT
REINVESTMENT ZONE NUMBER ELEVEN, CITY OF FORT WORTH, TEXAS
("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS
(the "City") and TARRANT COUNTY, TEXAS (the "County").
The City and the County hereby agree that the following statements are true and
correct and constitute the basis upon which the City and the County have entered into this
Agreement:
A. On December 7, 2004, the City Council of the City ("City Council")
adopted City Ordinance No. 16220 designating certain real property in the southwestern
portion of the City as Tax Increment Reinvestment Zone Number Eleven, City of Fort
Worth, Texas, (the"TIF District"). The TIF District is informally known as the
"Southwest Parkway TIF." Ordinance No. 16220 is hereby incorporated by reference for
all purposes.
B. Designation of the TIF District will cause development of property in and
around the TIF District to occur that would not occur otherwise in the foreseeable future.
As a result of designation of the TIF District, it is intended that the TIF District will help
fund right-of-way acquisition, arterial connections and other public improvements
associated with the construction of SH-121T, or the Southwest Parkway. It is anticipated
that other complementary development in the TIF District will follow. This overall
development will result in increased tax revenues and other public benefits for both the
City and the County.
C. Pursuant to Section 311.013(f) of the Texas Tax Code, the County is not
required to pay any tax increment into the tax increment fund of the TIF District unless it
enters into an agreement to do so with the City. The County wishes to enter into such an
agreement with the City.
NOW, THEREFORE, for and in consideration of the conditions set forth herein,
the sufficiency of which is hereby acknowledged, the City and the County do hereby
contract, covenant and agree as follows:
1. INCORPORATION OF RECITALS.
The parties hereby agree that the recitals set forth above are true and correct and
form the basis upon which they have entered into this Agreement. {�
2. DEFINITIONS. g� r
YEN.
Tarrant County Participation Agreement
re: Southwest Parkway TIF 0 3-0 7-0 8 P 0 4 :4 7 IN
Page I
In addition to any terms defined in the body of this Agreement, the following
terms shall have the definitions ascribed to them as follows:
Act means the Tax Increment Financing Act, as amended and as codified as
Chapter 311 of the Texas Tax Code.
Captured Appraised Value in a given year means the total appraised value of all
real property taxable by the County and located in the TIF District for that year less the
Tax Increment Base.
Proiect Plan means the project plan for the development and/or redevelopment of
the TIF District, as adopted by the TIF Board and approved by the City Council of the
City, attached hereto as Exhibit "B".
Tax Increment in a given year means the amount of property taxes levied and
collected by the County for that year on the Captured Appraised Value of real property
taxable by the County and located in the TIF District.
Tax Increment Base means the total appraised value as of January 1, 2004 of all
real property taxable by the County and located in the TIF District.
Tax Increment Fund means that fund created by the City pursuant to Section
311.014 of the Act and Section 6 of City Ordinance No. 16220, which will be maintained
by the City as a separate and individual account, into which all revenues of the TIF
District will be deposited, including (i.) deposits of Tax Increment by the City and by
other taxing units with jurisdiction over real property in the TIF District, including the
County, and(ii.) all accrued interest earned on the cash balance of the fund.
TIF Board means the governing board of directors of the TIF District appointed
in accordance with Section 311.009 of the Act and Section 3 of City Ordinance No.
16220.
TIF District means the certain real properties and boundaries as described in City
Ordinance No. 16220-12-2004.
TIF Ordinance means City Ordinance No. 16220-12-2004, attached hereto as
Exhibit "A".
3. DEPOSIT AND USE OF TAX INCREMENT.
Pursuant to a Resolution duly adopted by the governing body of the County, which
Resolution is attached hereto as Exhibit "C" and is hereby made a part of this Agreement
for all purposes, and specifically subject to Section 4 of this Agreement, the County hereby
agrees to deposit each year during the term of the TIF District, beginning with the 2005 tax
year, fifty percent (50%) of the County's Tax Increment into the Tax Increment Fund up to
a maximum cumulative contribution of $9,500,000 (the "Maximum County
Contribution"). The calculation to determine the dollar amount of the County's Tax
Increment to be deposited shall be made in accordance with the County's Tax Increment
Tarrant County Participation Agreement • - l; t�t-
re:Southwest Parkway TIF
Paget �U C'ulJ o
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Financing Policy and such deposits shall be made in accordance with the City's standard
administrative procedures relative to all tax increment reinvestment zones administered by
the City, but only following receipt of a bill from the City that outlines the City's
calculation of the amount of the deposit that is required for that year. The County shall
have up to one calendar year from the execution date of this agreement in which to make its
deposit for tax increments due from tax years 2005 and 2006.
4. LIMITATIONS ON TAX INCREMENT DEPOSITS AND USE OF FUNDS.
This Agreement is based on the following conditions, and the City agrees and
acknowledges the County's right to enforce the conditions contained herein by injunction
or any other lawful means in the event one or more of such conditions are not satisfied.
4.1. Amendment to TIF Ordinance.
The TIF Ordinance designates the boundaries, the eligible real properties
for the calculation of Tax Increment for the TIF District and the specific
participation level of the City. All amendments to the TIF Ordinance shall be
approved by the TIF Board prior to approval by the City Council. If the City
Council approves an amendment to the TIF Ordinance different from the
amendment approved by the TIF Board, the County shall suspend payment into
the TIF Fund as described in Section 3 until the amendment is approved by the
governing body of the County.
4.2. Certain TIF District Project Costs Excluded.
The Tax Increment deposited into the Tax Increment Fund by the County
shall be used to pay project costs for infrastructure improvements or other public
improvements as set forth and identified in the Project Plan attached hereto as
Exhibit "B". All TIF Fund allocations, including but not limited to any
management and administrative costs, must be approved by the TIF Board in
accordance with the Project Plan. If the Project Plan is amended, the County shall
suspend payment into the TIF Fund as described in Section 3 until the amendment
is approved by the governing body of the County as an amendment to this
Agreement.
4.3. TIF District Expansion.
As defined, the TIF District shall include real properties located within the
boundaries as described in the TIF Ordinance. If the TIF District is expanded, the
County is not required to deposit into the Tax Increment Fund any Tax Increment
generated from properties in the expanded area unless participation in the
expanded boundary area is approved by the governing body of the County as an
amendment to this Agreement. Additionally, the Tax Increment deposited into the
Tax Increment Fund by the County may not be used for any permissible project
costs in any portion of the expanded area of the TIF District unless approved by
the governing body of the County as an amendment to this Agreement.
Tarrant County Participation Agreement
re:Southwest Parkway TIF
Page 3
S. TERM.
This Agreement shall take effect on the date as of which both parties have executed
it and shall expire upon expiration or termination of the TIF District, which currently is the
earlier of (i) December 31, 2025 or an earlier termination date designated by ordinance
subsequently adopted by the City Council of the City or (ii) the date on which all project
costs of the TIF District, including, but not limited to, tax increment bonds and interest on
those bonds, have been paid or otherwise satisfied in full, or (iii) the date on which the
Maximum County Contribution is reached.
6. TIF FUND ACCOUNTING.
No later than July 1 of each year following execution of this Agreement, the City
shall provide the County with an annual accounting of the funds deposited to and
disbursed from the Tax Increment Fund, including accrued interest. After all project
costs of the TIF District have been paid or at the time of the expiration of this Agreement,
any funds remaining in the Tax Increment Fund following the final annual accounting by
the City shall be paid to those taxing units participating in the TIF District in proportion
to each taxing unit's share of the total amount of Tax Increment deposited into the Tax
Increment Fund.
7. RESPONSIBILITY FOR ACTS.
The City and the County shall each be responsible for the sole negligent acts of
their officers, agents, employees or separate contractors. In the event of joint and
concurrent negligence of both the City and the County, responsibility, if any, shall be
apportioned comparatively with the laws of the State of Texas, with the understanding that
neither party waives any governmental powers or immunities or any other defenses
available to each individually.
8. NOTICES.
All written notices called for or required by this Agreement shall be addressed to the
following, or such other party or address as either party may subsequently designate in
writing,by certified mail,postage prepaid, or by hand delivery:
City: County:
City of Fort Worth Tarrant County Administrator's Office
Attn: City Manager 100 East Weatherford Street
1000 Throckmorton Suite 404
Fort Worth, TX 76102 Fort Worth, Texas 76196-0609
with copies to:
the City Attorney and
Economic/Community Development
Director at the same address
Tarrant County Participation Agreement
re: Southwest Parkway TIF
Page 4
9. NO WAIVER.
The failure of either party to insist upon the performance of any term or provision
of this Agreement or to exercise any right granted hereunder shall not constitute a waiver
of that party's right to insist upon appropriate performance or to assert any such right on
any future occasion.
10. VENUE AND JURISDICTION.
If any action, whether real or asserted, at law or in equity, arises on the basis of
any provision of this Agreement, venue for such action shall lie in state courts located in
Tarrant County, Texas or the United States District Court for the Northern District of
Texas —Fort Worth Division. This Agreement shall be construed in accordance with the
laws of the State of Texas.
11. NO THIRD PARTY RIGHTS.
The provisions and conditions of this Agreement are solely for the benefit of the
City and the County and are not intended to create any rights, contractual or otherwise, to
any other person or entity.
12. FORCE MAJEURE.
The parties shall exercise every reasonable effort to meet their respective
obligations as set forth in this Agreement, but shall not be held liable for any delay in or
omission of performance due to force majeure or other causes beyond their reasonable
control, including, but not limited to, compliance with any government law, ordinance or
regulation, acts of God, acts of omission, fires, strikes, lockouts, national disasters, wars,
riots, material or labor restrictions, transportation problems and/or any other cause
beyond the reasonable control of either party.
13. INTERPRETATION.
In the event of any dispute over the meaning or application of any provision of
this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither
more strongly for or against any party, regardless of the actual drafter of this Agreement.
14. CAPTIONS.
Captions and headings used in this Agreement are for reference purposes only and
shall not be deemed a part of this Agreement.
15. ENTIRETY OF AGREEMENT.
This Agreement, including any exhibits attached hereto and any documents
incorporated herein by reference, contains the entire understanding and agreement---------,
Tarrant County Participation Agreement
re:Southwest Parkway TIF
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between the City and the County as to the matters contained herein. Any prior or
contemporaneous oral or written agreement is hereby declared null and void to the extent
in conflict with any provision of this Agreement. Notwithstanding anything to the
contrary herein, this Agreement shall not be amended unless executed in writing by both
parties and approved by the City Council of the City in an open meeting held in
accordance with Chapter 551 of the Texas Government Code.
16. COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which shall be
considered an original, but all of which shall constitute one instrument.
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS:
By: 7z�
Bale r4s-seler VOW A tGC N-S B. Glen Whitley
ftCrl6uG Assistant City Manager County Judge
Date: 3 17108 Date4V3v-e.vri-W-E.Q— CQ a d OO`--�-
M&C: 1 r( (ill l C1 �C'l Court Order No. \10
ATTEST: ATTEST:
By: BYC- C IZe
Marty He rix Nam
City Secretary Title:
APPROVED AS TO FORM/LEGALITY: APPROVED AS O
64 By, By:
Leann D. Gutman Ray R'
Assistant City Attorney Assis t District Attorney
*By law, the District Attorney's Office may only advise or approve contracts or legal documents on behalf
of its clients. It may not advise or approve a contract or legal document on behalf of other parties. Our
view of this document was conducted solely from the legal perspective of our client. Our approval of this
document was offered solely for the benefit of our client. Other parties should not rely on this approval
and should seek review and approval by their own respective attorney(s).
Tarrant County Participation Agreement
re: Southwest Parkway TIF
Page 6 1 Fl. aY, CnN n P[
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EXHIBIT "A"
TIEF ORDINANCE
CIO
ORDINANCE NO.
AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS
GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX
INCREMENT REINVESTMENT ZONE NUMBER ELEVEN, CITY
OF FORT WORTH; TEXAS"; CREATING A BOARD OF
DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE
AND TERMINATION DATES FOR THE ZONE; ESTABLISHING
A TAX INCREMENT FUND FOR THE ZONE; AND
CONTAINING OTHER MATTERS RELATED TO THE ZONE.
WHEREAS, the City Council desires to promote the development of land in that
certain contiguous geographic area in the City which is more specifically described in
Exhibit "A" of this Ordinance (the "Zone") through the creation of a new reinvestment
zone as authorized by and in accordance with the Tax Increment Financing Act, codified
at Chapter 311 of the Texas Tax Code (the"Code"); and
WHEREAS, on or about July 30, 2004 the City provided written notice to the
governing body of each taxing unit that levies real property taxes in the proposed Zone of
(i) the City's intent to establish the Zone; (ii) a description of the boundaries of the Zone;
(iii) the City's tentative plans for development of the Zone; and (iv) an estimate of the
general impact of the Zone on property values and tax revenues; and
WHEREAS, in accordance with the requirement imposed by Section 311.003(e)
of the Code, the City provided such written notice more than sixty (60) days prior to the
date of the public hearing conducted pursuant to Section 311.003(c) of the Code; and
WHEREAS, the City has prepared preliminary project and financing plans for
the proposed Zone and provided a copy of those plans to the governing body of each
taxing unit that levies taxes on real property in the Zone, as required by Section
311.003(b) of the Code (the"Preliminary Plans"); and
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Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
WHEREAS, in accordance with Section 311.003(f) of the Code, on October 5,
2004 the City made a single formal presentation to the governing body of each county
and school district that levies real property taxes in the proposed Zone, as agreed to in
writing by the Fort Worth Independent School District, which presentation, among other
things, included (i) a description of the proposed boundaries of the Zone; (ii) the City's
tentative plans for development of the Zone; and (iii) an estimate of the general impact of
the Zone on property values and tax revenues; and
WHEREAS, on December 7, 2004 the City Council held a public hearing
regarding the creation of the Zone and its benefits to the City and to property in the Zone
and afforded a reasonable opportunity for (i) all interested persons to speak for or against
the creation of the Zone, its boundaries or the concept of tax increment financing and (ii)
owners of real property in the proposed Zone to protest inclusion of their property in the
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Zone, as required by Sections 311.003(c) and(d) of the Code; and
WHEREAS, notice of the public hearing was published in a newspaper of
general circulation in the City on November 29, 2004, which satisfies the requirement of
Section 311.003(c) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH,TEXAS:
Page 2
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting a public hearing regarding the creation of the Zone and its
benefits to the City and to property in the Zone and affording a reasonable opportunity
for (i) all interested persons to speak for or against the creation of the Zone, its
boundaries or the concept of tax increment financing and (ii) owners of real property in
the proposed Zone to protest inclusion of their property in the Zone, the City Council
hereby makes the following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under the Code.
1.2. The Zone consists of approximately 454 acres of vacant land and lacks essential
infrastructure such as, without limitation, roads, sewers and utility lines that are
prerequisites to any viable development within the Zone. Even though vibrant
development surrounds portions of the Zone, the substantial cost to construct and
install essential infrastructure within the Zone itself is a barrier to development of
the Zone by private interests alone.
1.3. The City's current arterial system is not conducive to convenient and orderly
public access of the area within the Zone. In order to provide such access, the
construction of new roads and bridges and the acquisition of public right-of-way
in connection therewith, both in and out of the Zone, is needed. The substantial
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Ordinance Designating Tax Increment Reinvestment Zone Number Eleven, -ti 4R pg
City of Fort Worth,Texas,
cost to construct such roads and bridges and to acquire such public right-of-way is
a barrier to development of the Zone by private interests alone.
1.4. Based on the facts set forth in Sections 1.2 and 1.3 hereof, as well as on all other
information provided to and/or known by the City Council with respect to the area
within the Zone and the area in the vicinity of the Zone, the City Council hereby
finds that Development of the Zone will not occur solely through private
investment in the foreseeable future.
1.5. Based on, but not limited to, information contained in an economic impact
analysis undertaken by the City and an independent study by Texas Perspectives,
Inc., as set forth in the Preliminary Plans, improvements in the Zone, including,
but not limited to, those outlined in the Preliminary Plans, will significantly
enhance the value of all the taxable real property in the Zone and will be of
general benefit to the City.
1.6. The City's Comprehensive Plan recommends that the Zone and the area in the
vicinity of the Zone be developed as a regional mixed-use growth center (Clear
Fork). The Comprehensive Plan recognizes numerous benefits that mixed-use
growth centers provide to the City overall, including, but not limited to, economic
development. The Comprehensive Plan specifically recommends that growth
centers be linked with major thoroughfares. Designation of the Zone will make
construction of this type of public infrastructure possible. Without the proposed
Zone in place and the project plan that is anticipated to govern its development,
there is a substantial risk that the Zone will not develop in the sound manner
recommended by the Comprehensive Plan.
OINK-
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Page4 Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,City of Fort Worth,Texas
1.7. Currently the area within the Zone creates a barrier between the central city and
the southwest side of the City. As a result, transportation routes between these
two sectors of the City are inadequate and inefficient. The City's Comprehensive
Plan recognizes the City's longstanding policy to provide for interconnectivity of
neighborhoods to reduce vehicle trips on arterial streets, increase efficiency,
reduce air pollution, distribute traffic, improve access to public places, and
improve efficiency in providing services and deliveries, and it recommends that
adequate rights-of-way be acquired for future improvements to accommodate
various modes of transportation. Construction of the public infrastructure
envisioned by the Preliminary Plans will provide for sought-after connectivity
between the central city and the southwest side of the City. Without the proposed
Zone in place and the project plan that is anticipated to govern its development,
there is a substantial risk that the existing transportation and mobility
shortcomings will continue to hinder the sound growth of the City.
1.8. The area within the Zone is predominantly open. Based on the facts set forth in
Sections 1.6 and 1.7 hereof as well as on all other information provided to and/or
factors known by the City Council with respect to the area within the Zone and
the area in the vicinity of the Zone, the City Council hereby finds that the area
within the Zone substantially impairs and arrests the sound growth of the City.
As a result, the area within the Zone meets the criteria for designation of a
reinvestment zone and satisfies the requirements of Section 311.005 of the Code.
1.9. The 2004 Capital Improvement Program (the "CIP") included voter approval of
$49.5 million in bond expenditures for the City's share of costs for State Highway
Page 5
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
121 Tollway/Southwest Parkway (SH 121T), which costs cover right-of-way
acquisition, arterial construction, project enhancements and utility relocations
associated with the construction of SH 121T from Interstate 30 to Altamesa Blvd.
However, as stated in numerous public meetings and citizen briefings prior to the
CIP election on February.7, 2004, those expenditures were predicated on the City
Council's creation of a tax increment reinvestment zone that would reimburse the
City for those costs through tax increment generated in the reinvestment zone.
Without the Zone and implementation of the Preliminary Plans, the City will not
have the financial capacity to complete that portion of the SH 121T project or the
improvements outlined in the Preliminary Plans.
1.10. No more than ten percent (10%) or less of the property in the Zone is used
currently for residential purposes, as specified by Section 311.006 of the Code.
LI1. According to the most recent appraisal roll of the City, the total appraised value of
all taxable real property in the Zone and in existing reinvestment zones in the City
does not exceed fifteen percent (15%) of the total appraised value of taxable real
property in the City and in industrial districts created by the City, if any.
1.12. The Zone does not contain more than fifteen percent (15%) of the total appraised
value of real property taxable by any county or school district.
Section 2.
DESIGNATION OF NEW ZONE.
That the City Council hereby designates the Zone described in the boundary
description and depicted in the map,both attached hereto as Exhibit "A" and made a part
Page 61(�aS.q�n�r��`,r,�1
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven, V ify MI USM I U
City of Fort Worth,Texas
of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance
with the Code. This reinvestment zone shall be known as "Tax Increment Reinvestment
Zone Number Eleven, City of Fort Worth, Texas."
Section 3.
ZONE BOARD OF DIRECTORS.
That a board of directors for the Zone (`Board") is hereby created. The Board
shall consist of eleven (11) members who shall serve for terms of two (2) years each. Of
these eleven (11) members, each taxing unit other than the City that levies taxes on real
property in the Zone may, but is not required to, appoint one (1) member to the Board.
After each taxing unit other than the City designates to the City either the name of the
member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to
waive its right to appoint a member, the City Council shall appoint whatever number of
members are necessary to fill the remaining positions on the Board. Such members may
be members of the City Council.
Section 4.
TERM OF ZONE.
That the Zone shall take effect immediately upon the adoption of this Ordinance
and terminate on the earlier of (i) December 31, 2025 or an earlier termination date
designated by an ordinance adopted after the effective date of this Ordinance or (ii) the
date on which all project costs, tax increment bonds and interest on those bonds have
been paid or otherwise satisfied in full.
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Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
Section 5.
DETERNIINATION OF TAX INCREMENT BASE.
That the tax increment base for the Zone, as defined by Section 311.012(c) of the
Code, shall be the total appraised value of all real property in the Zone taxabld by a
taxing unit as of January 1, 2004,which is the year in which the Zone was designated as a
reinvestment zone.
Section 6.
TAX INCREMENT FUND.
That a tax increment fund for the Zone (the "TIF Fund") is hereby established.
The TIF Fund may be divided into additional accounts and sub-accounts authorized by
i
resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the
percentage of the tax increment, as defined by Section 311.012(a) of the Code, that each
taxing unit which levies real property taxes in the Zone, other than the City,has elected to
dedicate to the TIF Fund pursuant to an agreement with the City authorized by Section
311.013(f) of the Code, plus (ii) the City's contribution of one hundred percent(100%) of
the City's tax increment, as defined by Section 311.012(a) of the Code, subject to any
binding agreement executed at any time by the City that pledges an amount of legally
available City funds whose calculation is based, in whole or in part, on payment to or
receipt by the City of any portion of such tax increment. The TIF Fund shall be
maintained in an account at the depository bank of the City and shall be secured in the
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Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas �
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manner prescribed by law for Texas cities. Revenues in the TIF Fund will be used solely
in accordance with Section 311.014 of the Code.
Section 7.
TAX INCREMENT AGREEMENTS.
That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager
and City Attorney are hereby authorized to execute and deliver, for and on behalf of the
City, tax increment agreements with taxing units that levy real property taxes in the Zone.
Section 8.
SEVERABILITY.
That if any portion, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative or void for any reason by a court of competent jurisdiction,
•the remaining portions, sections or parts of sections of this Ordinance shall be and remain
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Section 9.
IMMEDIATE EFFECT.
That this Ordinance shall take effect and be in full force and effect from and after
its adoption.
AND IT IS SO ORDAINED.
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Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
I
ADOPTED AND EFFECTIVE: /2- 7-D
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky
Assistant City Attorney
Date: /2-7-D4
M&C: Cr-1 y6 DS
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Page 10
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
EXHIBIT"A"
DESCRIPTION AND DEPICTION OF THE ZONE
Being a 454.48 acre tract of land situated in the F. G. Beasley Survey, Abstract No. 134,
the F. G. Beasley Survey, Abstract No. 135, the L. J. Edwards Survey, Abstract-No. 464
and the S. C. Inman Survey, Abstract No. 824, City of Fort Worth, Tarrant County,
Texas, said 454.248 acre tract of land being a portion of a 320 acre tract of land (by deed)
out of said F. G. Beasley Survey, Abstract No. 134, a 150 acre tract of land (by deed) out
of said F. G. Beasley Survey, Abstract No. 135, an 87.5 acre tract of land(by deed) out of
said S. C. Inman Survey, Abstract No. 824 and a 640 acre tract of land (by deed) out of
the L. J. Edwards Survey, Abstract No. 464, said tracts being deeded to Edwards Geren
Limited as recorded in Volume 12915, Page 394 of the Deed Records of Tarrant County,
Texas, said 454.248 acre tract of land being more particularly described by metes and
bounds as follows:
BEGINNING at a 5/8 inch iron rod with cap stamped `Brittain & Crawford" found the
northwest comer of Block AR-lR of Country Day Park, an addition to the City of Fort
Worth, Tarrant County, Texas as recorded in Cabinet A, Slide 8424 of the Plat Records
of Tarrant County, Texas, said 5/8 inch iron rod with cap stamped "Brittain &Crawford"
having grid coordinates of N=6,937,431.98 and E=2,303,617.19;
THENCE South 89 degrees 34 minutes 20 seconds West, a distance of 292.17 feet to
a 5/8 inch iron rod with cap stamped "GORRONDONA" set for comer in
the east right-of-way line of Bryant Irvin Road (a variable width right-of-
way);
THENCE North 00 degrees 12 minutes 03 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance of 565.54 feet to a 5/8 inch iron
rod with cap stamped"GORRONDONA" set for comer;
THENCE North 01 degrees 50 minutes 43 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 500.67 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 00 degrees 58 minutes 50 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 299.35 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 00 degrees 43 minutes 23 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 1324.23 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for the beginning of a curve
to the right having a radius of 11409.16 feet, a central angle of 01 degrees
03 minutes 00 seconds and whose chord bears North 00 degrees 11
minutes 41 seconds West, a distance of 209.08 feet;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven " ^
Sn g 44 �j
City of Fort Worth,Texas1. w���'ut �4 e
THENCE with said curve to the right and with the east right-of-way line of said
Bryant Irvin Road, an arc length of 209.08 feet to a 5/8 inch iron rod with
cap stamped "GORRONDONA" set for comer;
THENCE North 00 degrees 19 minutes 49 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance of 69.50 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 14 degrees 06 minutes 24 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance.of 142.24 feet to a 519 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 00 degrees 43 minutes 18 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance of 352.99 feet to a 5/8 inch iron
rod found for the intersection of the east right-of-way line of said Bryant
Irvin Road with a south line of the Trinity River as deeded to the Tarrant
County Water Control and Improvement District Number One and
recorded in Volume 4559,Page 1 of said Deed Records of Tarrant County,
Texas;
THENCE North 00 degrees 29 minutes 06 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance of 466.42 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for intersection of the east
right-of-way line of said Bryant Irvin Road with a north line of the Trinity
River as deeded to the Tarrant County Water Control and Improvement
District Number One and recorded in Volume 4559, Page 1 of said Deed
Records of Tarrant County, Texas;
THENCE North 63 degrees 47 minutes 13 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 19.15 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 04 degrees 04 minutes 10 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 320.53 feet to a 5/8 inch iron
rod found for corner;
THENCE North 00 degrees 42 minutes 13 seconds West, with the east right-of-way
line of said Bryant Irvin Road, passing at a distance of 66.44 feet, a point
for the intersection of the east right-of-way line of said Bryant Irvin Road
with the south line of a 12.8 acre tract of land (by deed) deeded to Texas
Electric Service Company as recorded in Volume 2588, Page 562 of said
Deed Records of Tarrant County, Texas, in all, a distance of 149.71 feet to
a 5/8 inch iron rod with cap stamped "GORRONDONA" set for the
intersection of the east right-of-way line of said Bryant Irvin Road with
the north line of said 12.8 acre tract of land;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
THENCE North 00 degrees 34 minutes 34 seconds West, with the east right-of-way
line of said Bryant Irvin Road, a distance of 328.90 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for comer;
THENCE North 06 degrees 22 minutes 29 seconds East, with the east right-of-way
line of said Bryant Irvin Road, a distance of 574.43 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for the intersection of the
east right-of-way line of said Bryant Irvin Road with the south right-of-
way line of the Union Pacific Railroad;
THENCE North 66 degrees 47 minutes 12 seconds East, with the south right-of-way
line of said Union Pacific Railroad,passing at a distance of 1642.81 feet a
5/8 inch iron rod with cap stamped "GORRONDONA" set for the
northwest comer of a 2.082 acre tract of land (by deed) deeded to Texas
Electric Service Company as recorded in Volume 5826, Page 789 of said
Deed Records of Tarrant County, Texas, and passing at a distance of
1868.17 feet a 5/8 inch iron rod with cap stamped "GORRONDONA" set
for the northeast corner of said 2.082 acre tract of land, in all, a distance of
3740.63 feet to a 1 inch iron rod found for comer;
THENCE North 71 degrees 02 minutes 12 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 680.41 feet to a 5/8 inch
iron rod with cap stamped "GORRONDONA" set for the beginning of a
curve to the left having a radius of 5729.58 feet, a central angle of 07
degrees 00 minutes 12 seconds and whose chord bears North 67 degrees
32 minutes 06 seconds East, a distance of 699.90 feet;
THENCE with said curve to the left and with the south right-of-way line of said
Union Pacific Railroad, an arc length of 700.34 feet to a 5/8 inch iron rod
with cap stamped "GORRONDONA" set for comer;
THENCE North 64 degrees 02 minutes 00 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 99.04 feet to a 5/8 inch
iron rod with cap stamped "GORRONDONA" set for comer;
THENCE North 78 degrees 13 minutes 00 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 276.03 feet to a 5/8 inch
iron rod with cap stamped "GORRONDONA" set for corner;
THENCE North 66 degrees 17 minutes 00 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 1468.23 feet to a 5/8 inch
iron rod with cap stamped "GORRONDONA" set comer;
THENCE South 12 degrees 56 minutes 00 seconds East, with the south right-of-way
line of said Union Pacific Railroad, passing at a distance of 20.82 feet a
= �Ordinance Designating Tax Increment Reinvestment Zone Number Eleven, CITY �A its
City of Fort Worth,Texas ?T, S:v} TH T�LI
fence comer post found for reference, in all, a distance of 298.32 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for the
intersection of the south right-of-way line of said Union Pacific Railroad
with the north line of said 12.8 acre tract of land deeded to Texas Electric
Service Company;
THENCE South 63 degrees 33 minutes 18 seconds West, with the north line of said
12.8 acre tract of land deeded to Texas Electric Service Company, a
distance of 5005.26 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the southeast comer of a tract of land described
as Tract 2 deeded to Texas Electric Service Company as recorded in
Volume 3461,Page 77 of said Deed Records of Tarrant County, Texas;
THENCE North 26 degrees 26 minutes 42 seconds West, with the east line of said
Tract 2 and with the east line of said 2.082 acre tract of land, a distance of
668.36 feet to a point for corner in the east line of said 2.082 acre tract of
land;
THENCE South 66 degrees 47 minutes 12 seconds West, a distance of 225.36 feet to
a point for comer in the west line of said 2.082 acre tract of land
THENCE South 26 degrees 26 minutes 42 seconds East, with the west line of said
2.082 acre tract of land and with the west line of said Tract 2, a distance of
681.07 feet to a 5/8 inch iron rod with cap stamped "GORRONDONA" " S.
set for the southwest comer of said Tract 2, said point being in the north
line of said 12.8 acre tract of land;
THENCE South 63 degrees 33 minutes 18 seconds West, with the north line of said
12.8 acre tract of land,a distance of 2089.49 feet to a point for corner;
THENCE South 00 degrees 42 minutes 13 seconds East, a distance of 83.26 feet to a
point for corner in the south line of said 12.8 acre tract of land;
THENCE North 63 degrees 33 minutes 18 seconds East, with the south line of said
12.8 acre tract of land, a distance of 2125.65 feet to a 5/8 inch iron rod
with cap stamped "GORRONDONA" set for the northwest comer of a
tract of land described as Tract 1 deeded to Texas Electric Service
Company as recorded in Volume 3461, Page 77 of said Deed Records of
Tarrant County, Texas;
THENCE South 26 degrees 26 minutes 42 seconds East, with the west line of said
Tract 1, a distance of 37.50 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the southwest corner of said Tract 1;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
THENCE North 63 degrees 33 minutes 18 seconds East, with the south line of said
Tract 1, a distance of 225.00 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the southeast corner of said Tract 1;
THENCE North 26 degrees 26 minutes 42 seconds West, with the east line of said
Tract 1, a distance of 37.50 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the northeast comer of said Tract 1, said 5/8
inch iron rod with cap stamped "GORRONDONA" being in the south line
of said 12.8 acre tract of land;
THENCE North 63 degrees 33 minutes 18 seconds East, with the south line of said
12.8 acre tract of land, passing at a distance of 3314.53 feet a concrete
monument found for reference, in all, a distance of 4987.24 feet to a 5/8
inch iron rod with cap stamped "GORRONDONA" set for corner in the
south right-of-way line of said Union Pacific Railroad;
THENCE South 12 degrees 56 minutes 00 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 199.54 feet to a 60d nail
found for comer;
THENCE North 89 degrees 37 minutes 31 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 359.66 feet to a fence
comer post found for corner;
THENCE South 32 degrees 44 minutes 04 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 40.31 feet to a 5/8 inch
iron rod with cap stamped "GORRONDONA" set for comer;
THENCE South 54 degrees 14 minutes 04 seconds East, with the south right-of-way
line of said Union Pacific Railroad, a distance of 77.90 feet to a fence
corner post found for corner in a northwest line of the Trinity River as
deeded to the Tarrant County Water Control and Improvement District
Number One and recorded in Volume 4559, Page 1 of said Deed Records
of Tarrant County, Texas, from which a 5/8 inch iron rod found for corner
in a northwest line of said Trinity River bears North 29 degrees 56
minutes 42 seconds East, a distance of 181.06 feet, North 16 degrees 51
minutes 42 seconds East, a distance of 103.30 feet and North 33 degrees
52 minutes 42 seconds East, a distance of 153.10 feet;
THENCE South 29 degrees 56 minutes 56 seconds West, with a northwest line of
said Trinity River, a distance of 1422.20 feet to a 5/8 inch iron rod found
for corner;
THENCE South 32 degrees 03 minutes 56 seconds West, with a northwest line of
said Trinity River, a distance of 284.30 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
THENCE South 32 degrees 40 minutes 56 seconds West, with a northwest line of
said Trinity River, a distance of 673.30 feet to a 5/8 inch iron rod found
for corner;
THENCE South 31 degrees 56 minutes 10 seconds West, with a northwest line of
said Trinity River, a distance-of 1021.19 feet to a 5/8 inch iron rod with
cap stamped "GORRONDONA" set for comer;
THENCE South 32 degrees 43 minutes 04 seconds West, with a northwest line of
said Trinity River, a distance of 277.90 feet to a 5/8 inch iron rod with cap
stamped"GORRONDONA" set for corner;
THENCE South 37 degrees 58 minutes 19 seconds West, with a northwest line of
said Trinity River, a distance of 213.50 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE South 51 degrees 54 minutes 09 seconds West, with a northwest line of
said Trinity River, a distance of 253.89 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE South 87 degrees 01 minutes 04 seconds West, with a north line of said
Trinity River, a distance of 168.60 feet to a 5/8 inch iron rod found for
comer;
THENCE South 80 degrees 49 minutes 04 seconds West, with a north line of said
Trinity River, a distance of 311.40 feet to a 5/8 inch iron rod with cap
stamped"GORRONDONA" set for comer;
THENCE North 81 degrees 31 minutes 56 seconds West, with a north line of said
Trinity River, a distance of 245.10 feet to a 5/8 inch iron rod found for
comer;
THENCE North 63 degrees 09 minutes 56 seconds West, with a northeast line of
said Trinity River, a distance of 1221.10 feet to a 5/8 inch iron rod found
for comer;
THENCE North 77 degrees 05 minutes 56 seconds West, with a north line of said
Trinity River, a distance of 336.40 feet to a 5/8 inch iron rod found for
comer;
THENCE South 86 degrees 06 minutes 04 seconds West, with a north line of said
Trinity River, a distance of 1494.40 feet to a 5/8 inch iron rod found for
corner;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven, v� d � �� � �
g ��, 1H TRI
City of Fort Worth,Texas FT
THENCE South 79 degrees 20 minutes 04 seconds West, with a north line of said
Trinity River, a distance of 484.30 feet to a 5/8 inch iron rod found for
comer;
THENCE South 65 degrees 57 minutes 04 seconds West, with a north line of said
Trinity River, a distance of 569.70 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE South 54 degrees 56 minutes 04 seconds West, with a northwest line of
said Trinity River, a distance of 182.89 feet to a point for comer;
THENCE South 00 degrees 29 minutes 06 seconds West, a distance of 466.66 feet to
a point for corner in a southeast line of said Trinity River;
THENCE North 56 degrees 48 minutes 19 seconds East,with a southeast line of said
Trinity River, a distance of 248.09 feet to a 518 inch iron rod found for
comer;
THENCE North 60 degrees 02 minutes 19 seconds East,with a southeast line of said
Trinity River, a distance of 307.60 feet to a 5/8 inch iron rod found for
corner;
THENCE North 68 degrees 17 minutes 19 seconds East, with a south line of said
Trinity River, a distance of 327.00 feet to a 5/8 inch iron rod found for
comer;
THENCE North 76 degrees 52 minutes 19 seconds East, with a south line of said
Trinity River, a distance of 321.70 feet to a 5/8 inch iron rod found for
comer;
THENCE North 86 degrees 17 minutes 19 seconds East, with a south line of said
Trinity River, a distance of 563.90 feet to a 5/8 inch iron rod found for
corner;
THENCE North 85 degrees 38 minutes 19 seconds East, with a south line of said
Trinity River, a distance of 7.71 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for the intersection of the south line of the
said Trinity River with the proposed west right-of-way line of Southwest
Parkway (SH 121T), from which a 5/8 inch iron rod found for corner in a
south line of said Trinity River bears North 85 degrees 38 minutes 19
seconds East, a distance of 611.69 feet, North 87 degrees 06 minutes 19
seconds East, a distance of 270.20 feet and South 78 degrees 35 minutes
41 seconds East, a distance of 323.00 feet, said 5/8 inch iron rod with cap
stamped "GORRONDONA" being the beginning of a non-tangent curve
to the left having a radius of 4800.00 feet, a central angle of 10 degrees 55
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
minutes 32 seconds and whose chord bears South 11 degrees 36 minutes
54 seconds West, a distance of 913.92 feet;
THENCE with said non-tangent curve to the left and with the proposed west right-
of-way line of said Southwest Parkway, an arc length of 915.30 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for comer;
THENCE South 04 degrees 52 minutes 04 seconds West, with the proposed west
right-of-way line of said Southwest Parkway, a distance of 623.52 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for the
beginning of a curve to the left having a radius of 2975.79 feet, a central
angle of 14 degrees 16 minutes 18 seconds and whose chord bears South
00 degrees 59 minutes 05 seconds East, a distance of 739.31 feet;
THENCE with said curve to the left and with the proposed west right-of-way line of
said Southwest Parkway, an arc length of 741.23 feet to a 5/8 inch iron rod
with cap stamped "GORRONDONA" set for comer;
THENCE South 08 degrees 07 minutes 11 seconds East, with the proposed west
right-of-way line of said Southwest Parkway, a distance of 253.02 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for corner;
THENCE South 15 degrees 31 minutes 14 seconds East, with the proposed west
right-of-way line of said Southwest Parkway, a distance of 170.52 feet to a
5/8 inch iron rod with cap stamped"GORRONDONA" set for comer;
THENCE South 11 degrees 47 minutes 23 seconds East, with the proposed west
right-of-way line of said Southwest Parkway, a distance of 420.42 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for the
beginning of a curve to right having a radius of 5621.58 feet, a central
angle of 04 degrees 44 minutes 56 seconds and whose chord bears South
09 degrees 24 minutes 55 seconds East, a distance of 465.79 feet;
THENCE with said curve to right and with the proposed west right-of-way line of
said Southwest Parkway, an arc length of 465.92 feet to a 5/8 inch iron rod
with cap stamped "GORRONDONA" set for comer;
THENCE South 07 degrees 02 minutes 28 seconds East, with the proposed west
right-of-way line of said Southwest Parkway, a distance of 177.36 feet to a
5/8 inch iron rod with cap stamped "GORRONDONA" set for comer in
the north line of Block AR-1R of said County Day Park;
THENCE South 89 degrees 25 minutes 02 seconds West, with the north line of said
Block AR-1R, a distance of 879.43 feet to a 5/8 inch iron rod with cap
stamped "Carter & Burgess" found for an exterior ell comer in the north
line of said Block AMR;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
THENCE South 00 degrees 26 minutes 48 seconds East, with the north line of said
Block AR-1R, a distance of 250.02 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for in interior ell corner in the north line
of said Block AR-1R;
THENCE South 89 degrees 34 minutes 20 seconds West, with the north line of said
Block AR-IF, a distance of 540.87 feet to the POINT OF BEGINNING
and containing 19,791,491 square feet or 454.350 acres of land, LESS
AND EXCEPT, 2,837 square feet being a 5.0' strip of land across the
Trinity River as deeded to the Tarrant County Water Control and
Improvement District Number One and recorded in Volume 4559, Page 1
of said Deed Records of Tarrant County, Texas as shown on Detail "A" of
the attached plat, and LESS AND EXCEPT, 462 square feet being a 5.0'
strip of land across a 12.8 acre tract of land (by deed) deeded to Texas
Electric Service Company as recorded in Volume 2588, Page 562 of said
Deed Records of Tarrant County, Texas as shown on Detail `B" of the
attached plat, and also LESS AND EXCEPT, 1,129 square feet being a
5.0' strip of land across a 2.082 acre tract of land (by deed) deeded to
Texas Electric Service Company as recorded in Volume 5826,Page 789 of
said Deed Records of Tarrant County, Texas as shown on Detail "C" of
the attached plat, leaving a net are of 19,787,063 square feet or 454.248
acres of land,more or less.
Notes:
(1) A plat of even survey date herewith accompanies this legal description.
(2) All bearings are referenced to the project control for Southwest Parkway
(SH 121T). All bearings and distances are surface.
(3) All coordinates are grid coordinates, based on the Texas Coordinate
System, NAD-83 (1993), North Central Zone, with a Combined Scale
Factor for this project of 0.99987971.
(4) All boundary comers are 5/8 inch iron rod with cap stamped
"GORRONDONA" unless otherwise noted.
Richard Kennedy
Registered Professional Land Surveyor
No. 5527
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
- - # �'� - -+ I1*� III � __ - _ + r x'�+i ' - ��• � J`'•
�+.-S fit'+--� `�'�r. * _-,�s' � � � i �f ',,y•`_ _ x
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I. h
EXHIBIT "B"
TIF PROJECT AND FINANCING PLAN
Proposed Tax Increment Reinvestment Zone Number 11,
City of Fort Worth, Texas
Preliminary Project Plan and Financing Plan
Prepared for
The City of Fort Worth
July 27, 2004
Fable of Contents
I. Description of Proposed Zone..........................................................................................3
A.Map
B. Legal Description
II. Economic Impact Analysis................................................................................................5
A. Increased Tax Base
B. Increased Retail Business
C. Employment Opportunities
D. Relocation of Displaced Individuals
III. Plan for Development of the Proposed Zone...... ...... ....... ... ...............I......................8
A. Initial Improvements
B. Future Improvements
IV. Tax Increment Proje ions.... ...1... ... ........... . ... .................................................... 10
V. Plan for Financing t o r p d P cts.................................................................... 11
2
I.
Descri� o osed
D
A.
Map
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B. Legal D"c ion
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C� I
Description of Property
Being a 454.248 acre tract of land situated in the F. G. Beasley Survey, Abstract No. 134, the F.
G. Beasley Survey, Abstract No. 135, the L. J. Edwards Survey, Abstract No. 464 and the S. C.
Inman Survey, Abstract No. 824, City of Fort Worth, Tarrant County, Texas, said 454.248 acre
tract of land being a portion of a 320 acre tract of land (by deed) out of said F. G. Beasley
Survey, Abstract No. 1.34, a 150 acre tract of land (by deed) out of said F. G. Beasley Survey,
Abstract No. 135, an 87.5 acre tract of land (by deed) out of said S. C. Inman Survey, Abstract
No. 824 and a 640 acre tract of land(by deed)out of the L. J. Edwards Survey, Abstract No. 464,
said tracts being deeded to Edwards Geren Limited as recorded in Volume 12915, Page 394 of
the Deed Records of Tarrant County, Texas, said 454.248 acre tract of land being more
particularly described by metes and bounds as follows:
BEGINNING at a 5/8 inch iron rod with cap stamped "Brittain & Crawford" found the
northwest corner of Block AR-1R of Country Day Park, an addition to the City of Fort Worth,
Tarrant County, Texas as recorded in Cabinet A, Slide 8424 of the Plat Records of Tarrant
County, Texas, said 5/8 inch iron rod with cap stamped "Brittain & Crawford" having grid
coordinates ofN=6,937,431.98 and E=2,303,617.19;
THENCE South 89 degrees 34 minutes 20 seconds West, a distance of 292.17 feet to a 5/8
inch iron rod with cap stamped "GORRONDONA" set for comer in the east right-
of-way line of Bryant Irvin Road(a variable width right-of-way);
THENCE North 00 degrees 12 minutes 03 seconds Fast, with the east right-of-way line of
said Bryant Irvin Road, a distance of 565.54 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE North 01 degrees 50 minutes 43 seconds West, with the east right-of-way line of
said. Bryant Irvin Road, a distance of 500.67 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE North 00 degrees 58 minutes 50 seconds West, with the east right-of-way line of
said Bryant Irvin Road, a distance of 299.35 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE North 00 degrees 43 minutes 23 seconds West, with the east right-of-way line of
said Bryant Irvin Road, a distance of 1324.23 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for the beginning of a curve to the right having a
radius of 11409.16 feet, a central angle of 01 degrees 03 minutes 00 seconds and
whose chord bears North 00 degrees 11 minutes 41 seconds West, a distance of
209.08 feet;
Page 1 of 9
GOMONDONA&ASSOCIATES,INC. 6707 BRENTWOOO STAIRRD SUr1Ti 50 FORT WORM TEXAS 76112 817496-1424 FAX 81749&1768
THENCE with said curve to the right and with the east right-of-way line of said Bryant Irvin
Road, an arc length of 209.08 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE North 00 degrees 19 minutes 49 seconds East, with the east right-of-way line of
said Bryant Irvin Road, a distance of 69.50 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE North 14 degrees 06 minutes 24 seconds East, with the east right-of-way line of
said Bryant Irvin Road, a distance of 142.24 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE North 00 degrees 43 minutes 18 seconds East, with the east right-of-way line of
said Bryant Irvin Road, a distance of 352.99 feet to a 5/8 inch iron rod found for
the intersection of the east right-of-way line of said Bryant Irvin Road with a
south line of the Trinity River as deeded to the Tarrant County Water Control and
Improvement District Number One and recorded in Volume 4559, Page 1 of said
Deed Records of Tarrant County,Texas;
THENCE North 00 degrees 29 minutes 06 seconds East, with the east right-of-way line of
said Bryant Irvin Road, a distance of 466.42 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for intersection of the east right-of-way line of
said Bryant Irvin Road with a north line of the Trinity River m deeded to the
Tarrant County Water Control and Improvement District Number One and
recorded in Volume 4559,Page I of said Deed Records of Tarrant County,Texas;
THENCE North 63 degrees 47 minutes 13 seconds West, with the east right-of-way line of
said Bryant Irvin Road, a distance of 19.15 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for comer;
THENCE North 04 degrees 04 minutes 10 seconds West, with the east right-of-way line of
said Bryant Irvin Road, a distance of 320.53 feet to a 5/8 inch iron rod found for
corner;
THENCE North 00 degrees 42 minutes 13 seconds West, with the east right-of-way line of
said Bryant Irvin Road, passing at a distance of 66.44 feet, a point for the
intersection of the east right-of-way line of said Bryant Irvin Road with the south
line of a 12.8 acre tract of land (by deed) deeded to Texas Electric Service
Company as recorded in Volume 2588,Page 562 of said Deed Records of Tarrant
County, Texas, in all, a distance of 149.71 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for the intersection of the east right-of-way line
of said Bryant Irvin Road with the north line of said 12.8 acre tract of land;
Page 2 of 9 ww���,�r2r 4'','1 aNN�'�,
GORRONDONA do ASSOCIATES,INC. 6707 BRENTWOOD STAIR RD suar,s0 FORT WOR'111.TEXAS 76112 917496.1424 IF S�7' �7��, �� G L1
� _
THENCE North 00 degrees 34 minutes 34 seconds West, with the east right-of-way line of
said Bryant Irvin Road, a distance of 329.90 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE North 06 degrees 22 minutes 29 seconds East, with the east right-of-way line of
said Bryant Irvin Road, a distance of 574.43 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for the intersection of the east right-of-way line
of said Bryant Irvin Road with the south right-of--way line of the Union. Pacific
Railroad;
THENCE North 66 degrees 47 minutes 12 seconds East, with the south right-of-way line of
said Union Pacific Railroad, passing at a distance of 1642.81 feet a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for the northwest corner of a 2.082
acre tract of land(by deed)deeded to Texas Electric Service Company as recorded
in Volume 5826, Page 789 of said Deed Records of Tarrant County, Texas, and
passing at a distance of 1868.17 feet a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the northeast corner of said 2.082 acre tract of land, in
all,a distance of 3740.63 feet to a 1 inch iron rod found for corner:
THENCE North 71 degrees 02 minutes 12 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 680.41 feet to a 5/8 inch iron rod with
cap stamped "GORRONDONA" set for the begriming of a curve to the left having
a radius of 5729.58 feet, a central angle of 07 degrees 00 minutes 12 seconds and
whose chord bears North 67 degrees 32 minutes 06 seconds East, a distance of
699.90 feet;
THENCE with said curve to the left and with the south right-of-way lin:. of said Union
Pacific Railroad, an arc length of 700.34 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE North 64 degrees 02 minutes 00 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 99.04 feet to a 5/8 inch iron rod with
cap stamped"GORRONDONA" set for corner;
THENCE North 78 degrees 13 minutes 00 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 276.03 feet to a 518 inch iron rod with
cap stamped "GORRONDONA" set for corner;
THENCE North 66 degrees 17 minutes 00 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 1468.23 feet to a 5/8 inch iron rod with
cap stamped "GORRONDONA" set comer;
THENCE South 12 degrees 56 minutes 00 seconds East, with the south right-of-way line of
said Union Pacific Railroad,passing at a distance of.20.82 feet a fence corner post
found for reference, in all, a distance of 299.32 feet to a 5/8 inch iron rod with cap
Page 3 of 9
GORRONDONA&ASSOUNTES,INC. 6707 BRENTWOOD STAIR RD SURE 50 FORT WORTH,TEXAS 76112 S 17-496.1424 FAX 817.496.t768
stamped "GORRONDONA" set for the intersection of the south right-of-way line
of said Union Pacific Railroad with the north line of said 12.8 acre tract of land
deeded to Texas Electric Service Company,
THENCE South 63 degrees 33 minutes 18 seconds West, with the north line of said 12.8
acre tract of land deeded to Texas Electric Service Company, a distance of
5005.26 feet to a 5/8 inch iron rod with cap stamped "GORRONDONA" set for
the southeast corner of a tract of land described as Tract 2 deeded to Texas
Electric Service Company as recorded in Volume 3461, Page 77 of said Deed
Records of Tarrant County, Texas;
THENCE North 26 degrees 26 minutes 42 seconds West, with the east line of said Tract 2
and with the east line of said 2.082 acre tract of land, a distance of 668.36 feet to a
point for corner in the east line of said 2.082 acre tract of land;
THENCE South 66 degrees 47 minutes 12 seconds West, a distance of 225.36 feet to a point
for comer in the west line of said 2.082 acre tract of land
THENCE South 26 degrees 26 minutes 42 seconds East, with the west line of said 2.082
acre tract of land and with the west line of said Tract 2, a distance of 681.07 feet
to a 5/8 inch iron rod with cap stamped "GORRONDONA" "set for the southwest
corner of said Tract 2, said point being in the north line of said 12.8 acre tract of
land;
THENCE South 63 degrees 33 minutes 18 seconds West, with the north line of said 12.8
acre tract of land,a distance of 2089.49 feet to a point for corner;
THENCE South 00 degrees 42 minutes 13 seconds East, a distance of 83.26 feet to a point
for comer in the south line of said 12.8 acre tract of land;
THENCE North 63 degrees 33 minutes 18 seconds East,with the south line of said 12.8 acre
tract of land, a distance of 2125.65 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the northwest corner of a tract of land described as
Tract I deeded to Texas Electric Service Company as recorded in Volume 3461,
Page 77 of said Deed Records of Tarrant County,Texas;
THENCE South 26 degrees 26 minutes 42 seconds East, with the west line of said Tract 1, a
distance of 37.50 feet to a 5/8 inch iron rod with cap stamped "GORRONDONA"
set for the southwest corner of said Tract 1;
THENCE North 63 degrees 33 minutes 18 seconds East, with the south line of said Tract 1,
a distance of 225.00 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the southeast corner of said Tract 1;
Page 4 of 9
CORRONDONA&ASSOCIATES,INC. 6707 BRENTWOOD STAIR RD SUITE 50 FORT WORTH,TEXAS 76112 817-496-1424 FAX 817496-1768
THENCE North 26 degrees 26 minutes 42 seconds West, with the east line of said Tract 1,a
distance of 37.50 feet to a 5/8 inch iron rod with cap stamped "GORRONDONA"
set for the northeast cornier of said Tract 1, said 5/8 inch iron rod with cap
stamped "GORRONDONA" being in the south line of said 12.8 acre tract of land;
THENCE North 63 degrees 33 minutes 18 seconds East,with the south line of said 12.8 acre
tract of land, passing at a distance of 3314.53 feet a concrete monument found for
reference, in all, a distance of 4997.24 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for corner in the south right-of-way line of said Union
Pacific Railroad;
THENCE South 12 degrees 56 minutes 00 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 199.54 feet to a 60d nail found for
corner;
THENCE North 89 degrees 37 minutes 31 seconds East, with the south right-of-way line of
said.Union Pacific Railroad,a distance of 359.66 feet to a fence corner post found
for corner;
THENCE South 32 degrees 44 minutes 04 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 40.31 feet to a 5/8 inch iron rod with
cap stamped "GORRONDONA" set for corner;
THENCE South 54 degrees 14 minutes 04 seconds East, with the south right-of-way line of
said Union Pacific Railroad, a distance of 77.90 feet to a fence corner post found
for corner in a northwest line of the Trinity River as deeded to the Tarrant County
Water Control and Improvement District Number One and recorded in Volume
4559, Page 1 of said Deed Records of Tarrant County, Texas, from which a 5/8
inch iron rod found for corner in a northwest line of said Trinity River bears North
29 degrees 56 minutes 42 seconds East, a distance of 181.06 feet, North 16
degrees 51 minutes 42 seconds East, a distance of 103.30 feet and North 33
degrees 52 minutes 42 seconds East,a distance of 153.10 feet;
THENCE South 29 degrees 56 minutes 56 seconds West, with a northwest line of said
Trinity River,a distance of 1422.20 feet to a 5/8 inch iron rod found for corner;
THENCE South 32 degrees 03 minutes 56 seconds West, with a northwest line of said
Trinity River, a distance of 284.30 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE South 32 degrees 40 minutes 56 seconds West, with a northwest line of said
Trinity River, a distance of 673.30 feet to a 5/8 inch iron rod found for corner;
Page 5 of 9
GORRONDONA&ASSOCIATES,INC. 6707 BRENiWOOD STAIR RD SUITE 50 FORT WORT11,TEXAS 76112 817-496.1424 FAX 817-046-1768
THENCE South 31 degrees 56 minutes 10 seconds West, with a northwest line of said
Trinity River, a distance of 1021.19 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE South 32 degrees 43 minutes 04 seconds West, with a northwest line of said
Trinity River, a distance of 277.90 feet to a 518 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE South 37 degrees 58 minutes 19 seconds West, with a northwest line of said
Trinity River, a distance of 213.50 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for comer;
THENCE South 51 degrees 54 minutes 09 seconds West, with a northwest line of said
Trinity River, a distance of 253.89 feet to a 518 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE South 87 degrees 01 minutes 04 seconds West, with a north line of said Trinity
River,a distance of 168.60 feet to a 5/8 inch iron rod found for corner;
THENCE South 80 degrees 49 minutes 04 seconds West, with a north line of said Trinity
River, a distance of 311.40 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE North 81 degrees 31 minutes 56 seconds West, with a north line of said Trinity
River,a distance of 245.10 feet to a 5/8 inch iron rod found for corner;
THENCE North 63 degrees 09 minutes 56 seconds West, with a northeast line of said
Trinity River, a distance of 122 1.10 feet to a 5/8 inch iron rod found for corner;
THENCE North 77 degrees 05 minutes 56 seconds West, with a north line of said Trinity
River,a distance of 336.40 feet to a 5/8 inch iron rod found for corner;
THENCE South 86 degrees 06 minutes 04 seconds West, with a north line of said Trinity
River,a distance of 1494.40 feet to a 5/8 inch iron rod found for corner;
THENCE South 79 degrees 20 minutes 04 seconds West, with a north line of said Trinity
River,a distance of 484,30 feet to a 5/8 inch iron rod found for corner;
THENCE South 65 degrees 57 minutes 04 seconds West, with a north line of said Trinity
River, a distance of 569.70 feet to a 518 inch iron rod with cap stamped
"GORRONDONA" set for corner;
THENCE South 54 degrees 56 minutes 04 seconds West, with a northwest line of said
Trinity River, a distance of 182.89 feet to a point for corner;
Page 6of9 U
�.1
GORRONDONA&ASSOCIATES,INC. 6707 BRENTWOUD STAIR RF3 SUITE 50 FORT WORTH,TEXAS 76112 817-4961414 F �817 - o
.................___.____......
THENCE South 00 degrees 29 minutes 06 seconds West, a distance of 466.66 feet to a point
for corner in a southeast line of said Trinity River;
THENCE North 56 degrees 48 minutes 19 seconds East,with a southeast line of said Trinity
River,a distance of 248.09 feet to a 5/8 inch iron rod found for corner;
THENCE North 60 degrees 02 minutes 19 seconds East,with a southeast line of said Trinity
River,a distance of 307.60 feet to a 5/8 inch iron rod found for comer,
THENCE North 68 degrees 17 minutes 19 seconds East, with a south line of said Trinity
River, a distance of 327.00 feet to a 5/8 inch iron rod found for corner;
THENCE North 76 degrees 52 minutes 19 seconds East, with a south line of said Trinity
River, a distance of 321.70 feet to a 5/8 inch iron rod found for corner;
THENCE North 86 degrees 17 minutes 19 seconds East, with a south line of said Trinity
River, a distance of 563.90 feet to a 5/8 inch iron rod found for corner;
THENCE North 85 degrees 38 minutes 19 seconds East, with a south line of said Trinity
River, a distance of 7.71 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for the intersection of the south line of the said Trinity
River with the proposed west right-of-way line of Southwest Parkway(SH 121T),
from which a 5/8 inch iron rod found for corner in a south line of said Trinity
River bears North 85 degrees 38 minutes 19 seconds East, a distance of 611.69
feet, North 87 degrees 06 minutes 19 seconds East, a distance of 270.20 feet and
South 78 degrees 35 minutes 41 seconds East, a distance of 323.00 feet, said 5/8
inch iron rod with cap stamped "GORRONDONA" being the beginning of a non-
tangent curve to the left having a radius of 4800.00 feet, a central angle of 10
degrees 55 minutes 32 seconds and whose chord bears South 11 degrees 36
minutes 54 seconds West, a distance of 913.92 feet;
THENCE with said non-tangent curve to the left and with the proposed west right-of-way
line of said Southwest Parkway, an arc length of 915.30 feet to a 5/8 inch.iron rod
with cap stamped"GORRONDONA" set for corner;
THENCE South 04 degrees 52 minutes 04 seconds West, with the proposed west right-of-
way line of said Southwest Parkway, a distance of 623.52 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for the beginning of a curve to the
left having a radius of 2975.79 feet, a central angle of 14 degrees 16 minutes 18
seconds and whose chord bears South 00 degrees 59 minutes 05 seconds East, a
distance of 739.31 feet;
THENCE with said curve to the left and with the proposed west right-of-way line of said
Southwest Parkway, an arc length of 741.23 feet to a 518 inch iron rod with cap
stamped "GORRONDONA" set for corner;
Page 7 of 9
GORRONDONA&ASSOCIATES,INC. 6707 BRENTWOOD STAIR RD SUITE 50 FORT WORTH,TEXAS 76112 817-496-1424 FAX 917-496-1769
THENCE South 08 degrees 07 minutes 11 seconds East, with the proposed west right-of-
way line of said Southwest Parkway, a distance of 253.02 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for corner;
THENCE South 15 degrees 31 minutes 14 seconds East, with the proposed west right-of-
way line of said Southwest Parkway, a distance of 170.52 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for corner;
THENCE South 11 degrees 47 minutes 23 seconds East, with the proposed west right-of-
way line of said Southwest Parkway, a distance of 420.42 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for the beginning of a curve to right
having a radius of 5621.58 feet, a central angle of 04 degrees 44 minutes 56
seconds and whose chord bears South 09 degrees 24 minutes 55 seconds East, a
distance of 465.79 feet;
THENCE with said curve to right and with the proposed west right-of-way line of said
Southwest Parkway, an are length of 465.92 feet to a 5/8 inch iron rod with cap
stamped "GORRONDONA" set for corner;
THENCE South 07 degrees 02 minutes 28 seconds East, with the proposed west right-of-
way line of said Southwest Parkway, a distance of 17736 feet to a 5/8 inch iron
rod with cap stamped "GORRONDONA" set for corner in the north line of Block
AR-1R of said County Day Park;
THENCE South 89 degrees 25 minutes 02 seconds West, with the north line of said Block
AR-1R, a distance of 879,43 feet to a 518 inch iron rod with cap stamped"Carter
& Burgess"found for an exterior ell comer in the north line of said Block AR-1R;
THENCE South 00 degrees 26 minutes 48 seconds East, with the north line of said Block
AR-1R, a distance of 250.02 feet to a 5/8 inch iron rod with cap stamped
"GORRONDONA" set for in interior ell corner in the north line of said Block
AR-1 R;
THENCE South 89 degrees 34 minutes 20 seconds West, with the north line of said Block
AR-1 R,a distance of 540.87 feet to the POINT OF BEGINNING and containing
1.9,791,491 square feet or 454.350 acres of land, LESS AND EXCEPT, 2,837
square feet being a 5.0' strip of land across the Trinity River as deeded to the
Tarrant County Water Control and Improvement District Number One and
recorded in Volume 4559, Page 1 of said Deed Records of Tarrant County, Texas
as shown on Detail "A" of the attached plat, and LESS AND EXCEPT, 462
square feet being a 5.0' strip of land across a 12.8 acre tract of land (by deed)
deeded to Texas Electric Service Company as recorded in Volume 2588,Page 562
of said Deed Records of Tarrant County, Texas as shown on Detail `B" of the
attached plat, and also LESS AND EXCEPT, 1,129 square feet being
Page 8 of 9 v1fil, 0 k Y
GORRONDONA&ASSOCIATES,INC, 6707 BRENTWOOD STAIR RD SUITE 50 FORT WORTH,TEXAS 76112 817496-1424 FA 81 C u i
,
of land across a 2.082 acre tract of land (by deed) deeded to Texas Electric
Service Company as recorded in Volume 5826, Page 789 of said Deed Records of
Tarrant County, Texas as shown on Detail "C" of the attached plat, leaving a net
are of 19,787,063 square feet or 454.248 acres of land,more or less.
Notes:
(1) A plat of even survey date herewith accompanies this legal description.
(2) All bearings are referenced to the project control for Southwest Parkway (SH
121T). All bearings and distances are surface.
(3) All coordinates are grid coordinates, based on the Texas Coordinate System,
NAD-83 (1993), North Central Zone, with a Combined Scale Factor for this
project of 0.99987971.
(4) All boundary corners are 5/8 inch iron rod with cap stamped "GORRONDONA"
unless otherwise noted.
Richard Kennedy
Registered Professional Land Surveyor
No. 5527
J
Page 9 of 9
GORRONDONA&ASSOCIATES,INC. 67U7 13REN IWOOO STAIR RD SME 50 FORT WORTH,TEXAS 76112 817-496-1424 FAX 817-496-1768
II
Econom' �AAalysis
D �
Economic Impact Analysis
The following economic impact analysis is based in part on a study undertaken by Texas
Perspectives, Inc. The report released to the City by Texas Perspectives, Inc. is included at the
back of this Section II.
A. Increased Tax Base
The lack of an adequate roadway system and other public infrastructure in and adjacent to the
proposed Tax Increment Reinvestment Zone Number 11, City of Fort Worth, Texas (the
"TIF") has delayed the orderly development in the TIF are has resulted in lost
opportunity for expansion of the City's tax base. The co m ion o e State Highway 121
Toll Road (SH121T)project will have an immediate pos i pact on the potential for
increasing the tax base for taxing units with ju ' 'cti n the IF It is anticipated that the
area within the proposed boundaries of the T w 1 e arez immediately adjacent to
the TIF,will experience significant n d el nint sult ol the installation of public
infrastructure.
The 2003 Vrehensiv ComP P i of o t orth projects the area within the
P J
proposed TIF to develop as a i ed e h nter. By the City's definition for such
development, it is anticipated ah ea 1 in fact develop as a "mixed-use, intensely
developed high employnen da, p marily commercial and some residential in
use...Concentrated develop en i encouraged at these nodes to discourage traditional
suburban development. In e ' es may be offered to achieve the desired density necessary to
achieve public transportation and the highest and best use of valuable urban land. Mixed-use
growth centers may have certain light industrial uses."
The successful development of the area as a mixed-use growth center is contingent upon the
adequacy of access to the TIF area, which will be accomplished through the construction of
SH121T and arterial and local street systems necessary to support the City's projection of
high density growth in the area. The SH121T project, when constructed, will provide a vital
north-south corridor link adjacent to and through the proposed TIF and will create convenient
access that will encourage patronage from higher income neighborhoods south of the TIF.
Development within the TIF will have a positive economic and social impact through the
creation of new employment opportunities and the attraction of secondary investment outside
the TIF, which will accrue to the benefit of the local jurisdictions.
Based upon the preliminary development plan,the estimated valuation of property within the
TIF by its proposed twenty-one(21) year life is$ 827,582,019,which equates to aggregate
tax revenue for all jurisdictions of over$26,000,000,assuming the current tax rates.
It is reasonable to assume that completion of the proposed projects outlined in Section ITT
will spawn significant positive economic growth along and adjacent to the TIF and the entire
SH 121 T corridor.
6 'CIT 61KAERE
B. Increased Retail Business
The proposed projects outlined in Section III will result in the construction of critical
infrastructure necessary to enhance regional mobility, lessen the impact of traffic congestion,
and provide access to property within the TIF and throughout the 121 T corridor. The
opportunity for new development and potential redevelopment in appropriate areas along this
corridor is anticipated to result in significant new retail growth, with corresponding increases
in revenues for the taxing jurisdictions.
Within the TIF, it is reasonable to expect new retail sales of an estimated $1.93,130,725 at
maturity which would generate an additional $1,931,307 in sales tax revenue to the City. The
projection anticipates 80% of these projected sales will be subject to sales tax and that the
sale tax rate will remain at 1%.
C. Employment Opportunities
In addition to hundreds of construction Jo s c ea ng th construction of the projects
outlined in Section III, the re tng de o nt d rgaderelopment in and along the
SH121T corridor will result ine cr n f ewftWand part time employment
opportunities. It is ant' spate t a e e o l range from part time entry level jobs,
which offer more fle i se ulin d is e normally attractive to young people
desiring to work whil n 'n i g t e' cat n, to senior management level opportunities.
During the life of the T F it i o istie to anticipate the creation of 2,500 new job
opportunities within tt e
D. Relocation of Displaced Individuals
No person shall be displaced as a result of implementing this Plan.
7
r i TEXAS
PERSPECINES INC.
June 20, 2004
In order to assess the potential tax base impact of the Edwards Ranch Development, TXP was
retained provide an estimate of the expected land value per acre,job creation, and sales and use
tax that will flow from retail activity within the project. Consisting of approximately 400 acres
proximate to Highway 121 in Ft. Worth (with an estimated 351 developable acres), the project is
expected to follow many of the tenets of Urbanism, with a mix of various commercial and residential
land uses.
Urbanism
The American suburbs have experienced exponential growth in the past 30 years, with the rapid
development of residential subdivisions, new shopping malls, strip shopping centers.and office
parks. In the early years of suburban growth, residents were forced to drive into the city for access
to many goods and services, recreational opportunities, and employment. Thanks to an over-
expanding network of highways and roads, however, residents now can find most, if not all, of these
services in their communities.
Such growth, however, does not come without a price. Suburbanites are now forced to take to the
highways for virtually every activity, and the resulting longer, more congested and consequently
stressful commute has begun to take its toll. Traditional suburban development has been
characterized by Charles Boh) of the Urban Land Institute in his book Place Making as
"development that is relatively low density, spread over large areas, and segregated into single-use
zones of single-family homes, apartment complexes, office parks, shopping malls, and commercial
strips."
The market is beginning to offer alternatives to the auto-based development model, which are
loosely grouped under the banner of Urbanism. Bohl defines Urbanism as an innovative design
concept that applies"the best urban design practices from the 'traditional urbanism' found in historic
town centers and main streets, while pragmatically adapting them to modern lifestyles, business
practices, and technologies."
Some of the defining physical characteristics of Urbanist communities are walkable neighborhoods,
a mix of land uses that integrates housing, shops, civic facilities, and work places, and preservation
and respect for the natural environment in the form of maintaining greenspace.
6 SCLIth Frst, Suite 105
A st .5,Texas 78704
2-328-8300
DTEXAS
PERSPECTIVES INC,
Assumed Land Use Mix
Mixed-Use34.5%
Low-Density Residential 9.6/o
;Higher-Density Residential j _ 29.8%
;Employment Centers 12.4%
'Parks/Green Space 13.7/Q
Case studies from other communities and a recent charette for a large-scale development in
Leander, TX were used as the basis for calculating the assumed land mix, with the estimates
further vetted with planning experts in Austin.
Assumed Land Use Mix
F,A.R or i Total Expected
-Mixed Use Values 1 Units/Acre j Value
Non-
residential $130 ° 0.15 $103,125,747
Residential $225,000 16.00 $437,066,101
'Employment Centers 1 $130 0.151 $37,002,743
:Low Density
:Residential i $350,000 3.50 ; $41,230,383
Residential $125,000 16.00 $209,157,045
Parks/Green Space NA. ? N.A.
Total Value $827,582,019
Projected Value/Acre �__^�---- —_--�^•`� � $2,354,564
Estimates of the value per square foot or per unit were predicated on a combination of an analysis
of data from the Tarrant County Appraisal District, standardized information available from the
literature, and market trends in Tarrant County. Assumptions on density and floor-to-area ratio are
also fairly conservative. For example, the number of units is capped at 16/acre, although the
literature suggests that they could easily be as high as 50 units/acre (Hank Dittmar R Shelley
Poticha, The New Transit Town, 2004). Again, these assumptions were reviewed by other planning
experts in Austin. As a final check, note the current range of market values per acre for land in
downtown Ft. Worth, as reported recently by the Star-Telegram.
1310 3cutti First, Suite 105
Austin.Texas 78704
v?2-328.83Ju
TEXAS
(:)
PERSPECTIVE$ ING,
Assumed Retail Activity and Job Creation
;Retail Square Footage ~— 793,275
Sales/Square Foot $243.46
,Estimated Retail Sales $193,130,725
Sales Tax Revenue(Annual) , T $1,931,307
Jobs
-Employment Centers 1,423
._ Mixed Use ._.�_-.-_ ------ 1,093
:Total 2,516
Retail square footage is calculated by taking the non-residential mixed-use acreage and multiplying
it by 43,560, Retail sales/square foot estimates come from the Urban Land Institute's data on new
neighborhood shopping centers. Sales tax revenue is based on a 1 percent sales tax rate.
Employment center jobs are assumed to be office-based, and are predicated on the ratio one
job/200 square feet. Mixed use jobs are assumed to be in retail trade, and are based on the local
ratio of one job/$176,650 in general merchandise sales.
Selected Media Articles
Urban convergence (Fort Worth) -513112004
Now that a downtown apartment boom has taken hold, an emerging market for downtown
condominiums is mushrooming. Developers of The Tower and Houston Place Lofts have switched
gears to make their developments all-condo. And a cluster of new projects now under construction
are broadening the market,with some developers confident enough of what they see as a proven
market to build models that will top$1 million. Fort Worth architect Ken Schaumburg has three
projects including The Versailles, Bluff Street and Le Bijou. The Versailles has seven units under
construction and priced from $435,000 to $720,000. Bluff Street has four units under construction
and priced from $290,000 to$440,000. Le Bijou is Schaumburg's most ambitious project with prices
ranging from$600,000 to$1 million. Many of the interested buyers are nearing retirement age and
want to "move down" and leave yardwork behind. Also looking for the urban lifestyle are young
people or empty-nesters. At Pecan Place, five of the units, which range in price from $465,000 to
$552,000, have sold. The availability of land has also driven the condo market. Land prices in and
around the central business district range between$30 and $80 a square foot, which equals$1.3
million to$3.5 million an acre. Pushing condo prices even higher is the demand from buyers who
want larger spaces and who don't want to trade in amenities for the sake of that space, said
Elizabeth Falconer, a designer and president of Position By Design and a development partner with
Tom Struhs.The developers say the downtown condo market will continue to strengthen, at least
for the next decade. "The trend now is to move back to the inner city," Schaumburg said.
(Fort Worth Star-Telegram)
`310 South First, Sure 105
Austin, Texas 78704
:s12-328-830C
TEXAS
I PERSPECTIVES INC.
Colleyville goes uptown with 'downtown'townhomes- 5/9/2004
The Village at Colleyville is a neo-traditional downtown where residents can stroll from their
townhomes to a French bakery, an ice cream parlor or a day spa. Books are just steps away at the
public library alongside City Hail. In a city that prides itself on low-density housing and a rural feel,
the 28-acre Village at Colleyville breaks form by meshing features of urban living. The Village,
located on Main Street and Hwy. 26, follows a nationwide trend of mixed-use developments, such
as Southlake Town Square and Addison Circle in Addison. A dozen townhomes are under
construction, priced from$200,000.When completed, the Village is expected to have 100-120
residences, including 60 two-or three-story townhomes with rear-entry garages and up to 60
penthouses. Colleyville created an instant downtown in the Village, complete with a Main Street,
much like the one Southlake created with Town Square. About 200,000 square feet of mixed-use
space is either built or under construction.When finished, the Village will have 750,000 square feet
in several buildings. Twwnhomes are 3,000-3,800 square feet and could sell for as much as$1
million. Penthouses sell for$200 per square foot.
(Fort Worth Star-Telegraml
Fort Worth office building purchased, to be converted to condos- 612312004
Downtown Fort Worth is getting another condo project. Amicus Interests,a local real estate
development firm, has purchased the 11-story, 101,000-square-foot Neil P. Anderson building in
downtown Fort Worth and will redevelop the 83-year-old structure into luxury condominiums. Matt
Herring, a partner of Amicus Interests, says based upon the great success that The Tower and
others have had, there is tremendous demand for downtown urban living and ownership. Studies of
the downtown area show that the market in the next decade can support as many as 10,000 new
residential units. Several projects are already underway to meet that goal.The building was sold by
TCDFW 411 West Seventh St., a subsidiary of Trammell Crow real estate company, which bought
the building in August 2000. A sales price was not disclosed. Planned amenities include a pool and
a garden. The bottom level will remain as retail space, he said. The building, a Texas Historic
Landmark since 1978, is about 50 percent leased. It could be several months before renovation
work begins on the building, Herring said.
[For` Worth Star-Telegram]
Apartment market strong in CBD-412312004
Data recently released by Downtown Fort Worth, Inc. reveals a strong downtown core apartment
market, with occupancy rates for one-, two-and three-bedroom apartments at 95 percent this
month. DFWI president Andy Taft said the occupancy level is indicative of downtown demand and
of the lack of recent new inventory. Proposed apartments at The Tower, the T&P Terminal, Tandy
Center and Transport Life Building will double the downtown apartment inventory when complete. if
new units are added gradually, Taft said he expects a healthy absorption rate. DFWI's Strategic
Action Plan set a goal for the addition of 10,000 new housing units during the next 10 years.
(Fart Worth Business Press)
:310 South First. Suite 105
Austin, Texas 78704
5 i2-32S-8300
III
Plan f � o ment
ne
A. Initial Improvements
The initial improvements contemplated in the proposed draft plan include reimbursement
of
• plight-of-way Acquisitions: all of the local expenses (hereinafter defined as
expenses of the City of Fort Worth and Tarrant County) associated with the
acquisition of all rights-of-way and easements, including any costs for
environmental clean up, legal, relocation (if any), engineering, surveying,
capitalized interest, and construction as may be required for the SH121T project.
• Arterial Connections: all associated costs for the coEli
cti n of certain arterial
streets within and adjacent to the TIF, including c ' ' terest costs incurred
by the local jurisdictions, and constructio cosding engineering and
surveying fees.
• Bridge Construction: all soci to is f e o truction of a bridge
structure at a mutuall Fa 'o in a eas st, currently known as
Oak Bend Trail, er th H T ri f y pproximately 1.8 miles south of
the southernmos of th , ding capitalized interest costs
incurred by the I a I j i is 2 ns a struction costs, including engineering
and surveying fee;.
• Corridor Enhance ts: costs of corridor enhancements, including, but not
limited to, noise 5 ers, landscaping, and irrigation systems within and adjacent
to the SH 121 T rights-of-way;
• Trinity River Enhancements: costs of certain enhancements adjacent to the
Trinity River associated with the SH121T project subject to the subsequent
approval by the Fort Worth City Council.
• Public Utility Relocations costs of any water and sewer utility relocations,
expansions, or related improvements borne by the local jurisdictions necessary for
the construction of SH12IT.
Administrative Expenses: costs incurred by the local jurisdictions for the
creation of and the on going administration of the TIF.
B. Future Improvements
There are no future projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the project plan if subsequent
projects are identified as appropriate and eligible for tax increment funding.
9
IV.
Tax Incre e ections
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V.
Plan for Fin g the
Pro cts
D °
Summary of Project Costs and Financing
A. Anticipated Total Cost for the SH121 Project $350,000,000
B. Anticipated Revenue for SH121 Project
North Texas Tollway Authority and
Texas Department of Transportation $251,000,000
North Central Texas Council of Governments grant $ 39,500,000
City of Fort Worth 2004 CIP 49,500,000
City of Fort Worth Water Department 10 000 000
Total 350,000,000
C. Proposed TIF Elgibl oje is
Reimburseme t o C i i r: $ 49,5 00,000
Righ -wa I LCi o
Arter al n e tars
Corri o E Ic en
Trinily i er o or
Interest $ 34,500,000
Public U ility locations $ 10,000,000
Adminis ' e Expenses* $ 1,000,000
Total $ 95,000,000
D. Projected TIF Revenue
City of Fort Worth $ 65,000,000
Other Taxing Jurisdictions $ 30,000,000
Total $ 957000,000
*Administrative expenses based on S45,000 pLT year for the 2l-year lift of the TIP and project dcveloptnent reimbumements of$55,000.
**Includes Tarrant County,Tarrant County Hospital District,Tarrant County College District,and Tarrant Regional Water District
12
EXHIBIT "C"
COUNTY RESOLUTION
Go
RESOLUTION
PARTICIPATION IN CITY OF FORT WORTH
TAX INCREMENT FINANCING REINVESTMENT ZONE #11 -
SOUTHWEST PARKWAY TIF
WHEREAS,the general laws of the State of Texas authorize governmental taxing entities to
join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment
Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the
development and redevelopment of properties that might not be undertaken without such incentive;
and
WHEREAS,the Fort Worth City Council approved Ordinance No. 16220,dated December
7, 2004, establishing Tax Increment Financing Reinvestment Zone Number Eleven, City of Fort
Worth,Texas,in accordance with the Tax Increment Financing Act,to fund right-of-way acquisition,
arterial connections and other public improvements associated with the construction of SH-121 T,or
the Southwest Parkway,which will promote economic growth and development along the Parkway
through the use of tax increment financing; and
WHEREAS,in accordance with the requirements of the Act,the Fort Worth City Council
has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's
establishment of the tax increment reinvestment zone and,through its appointed representatives,has
made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment
zone; and
WHEREAS,the County has one representative to the Fort Worth Tax Increment Financing
Reinvestment Zone #11 Board of Directors and said representative has participated in the
development of the Project Plan and Financing Plan for the zone; and
WHEREAS,the City of Fort Worth City Council has adopted the Project Plan and Financing
Plan as submitted by the Reinvestment Zone Board of Directors, dated July 27, 2004; and
WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's
participation in the creation of the tax increment reinvestment zone will have the desired effect of
developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment
zone.
NOW, THEREFORE,BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves participation in the Fort
Worth Tax Increment Financing Reinvestment Zone #11 and the payment into the tax increment
fund of fifty percent(50%)of its collected incremental tax revenue(as set forth in the Agreement)
produced by applying the County's tax rate to the incremental increase in the value of property
located in the reinvestment zone, effective January 1, 2005 through December 31, 2025 or until
$9,500,000 in cumulative County increment deposits have be made, or until all project costs have
been paid,whichever occurs first,in accordance with the terms of the attached Agreement;that the
Agreement be and is hereby approved;that the County and its Commissioners Court hereby agree to
enter into the Agreement as a parry thereto;and the County Judge of the County or his designee be
and is hereby authorized and directed to execute said Agreement on behalf of the County and its
Commissioners Court substantially in the form attached hereto and carry out the terms thereof at the
appropriate time(s).
PASSED AND APPROVED, IN OPEN COURT,this 6th day of November, 2007.
COURT ORDER NO. `O k Kq
_Q ki'l 6
B. Glen Whitley, County Judge
&tie. \\ak ,QA411
Roy C. B ooks Marti VanRavenswaay
Commissioner, Precinct 1 Commissioner, Precinct 2
ary Fickes
Commissioner, Precinct 3 Commissioner,Precinct 4
ATTEST: APPRO S T
C un Jerk A.sst. D64t Attorney